![]() ![]() While in prison, Belfort shared a cell with Tommy Chong. Writing Wolf Of Wall Streetīelfort was sentenced to 22 months in prison for his crimes. Since he has only paid back $10 million, the net worth of Jordan Belfort is only negative $100 million. He was, however, condemned to four years in prison and compelled to make restitution of $110 million. This resulted in the convictions of some of his friends and colleagues. He pleaded guilty and agreed to cooperate with the FBI in their investigation of other members of Stratton Oakmont. In 1996, the SEC would shut down Stratton Oakmont for securities fraud after an undercover investigation.Īfter the SEC shut down Stratton Oakmont, Jordan Belfort was indicted for securities fraud and money laundering in 1999. The Securities and Exchange Commission (SEC) had been closely monitoring Stratton Oakmont since its foundation due to suspicion of fraudulent activity. Stratton Oakmont by this point employed over 1,000 brokers and was involved in over $1 billion in stock offerings! The firm even had its own “Strattonites” in-house training program, which produced some of Wall Street’s most successful stockbrokers. Belfort began living a luxury lifestyle in the early 1990s, including buying costly vehicles, mansions, drugs, and prostitutes. The business was a huge success by 1996, it was bringing in $100 million a year. These penny stock recommendations would be used by Belfort to defraud investors through pump-and-dump stock sales (artificially increasing the price of an owned stock through false and deceptive positive remarks). The company used aggressive sales tactics to convince people to invest in penny stocks, which are stocks that trade for less than $5 per share. ![]() The company was based in Long Island’s Lake Success. The net worth of Jordan Belfort would eventually explode when he and his colleague, Daniel Porush, founded Stratton Oakmont, a penny stock brokerage firm, in 1989. However, he was promptly fired once the firm suffered significant losses during the 1987 stock market crisis. Rothschild as a trainee stockbroker after his business failure. The business, however, failed, and Belfort declared bankruptcy at the age of 25.Īccording to his memoirs and interviews, a family acquaintance assisted him in getting a job at L.F. He claims that his meat-selling business was initially a success, with him employing numerous staff and selling 5,000 pounds of beef and fish every week. He later returned to New York City and found work in Long Island as a door-to-door meat and seafood salesperson. If you’ve come here solely to make a lot of money, you’ve come to the wrong place.”Īfter that, Belfort attended American University in Washington, D.C., but dropped out after one semester. ![]() However, he would end up dropping out after the school dean told him: “The golden era of dentistry has come to an end. Jordan recalls this as the first time he learned how to sell.īelfort intended to use the funds to go to dental school, and he enrolled at the University of Maryland School of Dentistry. Before attending college, he and his boyhood friend Elliot Loewenstern made $20,000 selling Italian ice from plastic coolers at their local beach. He grew up in Queens, New York but he and his family relocated to Long Island when he was ten years old. Max and Leah Belfort, his parents, were both accountants. Jordan Belfort was born in The Bronx, New York, on July 9, 1962. In this post, we look at Jordan Belfort’s life, career, and current net worth. The book has been adapted into an Academy Award-nominated film directed by Martin Scorsese and starring Leonardo DiCaprio as Jordan Belfort.Īs of May 2023, Jordan Belfort has a net worth of $100 million. 2017)Ĭarter Belfort, Chandler you ever wondered what the net worth of Jordan Belfort is? Well, as the founder of the corporation Stratton Oakmont and author of the memoir The Wolf of Wall Street he has made quite the name for himself. His memoir “The Wolf of Wall Street” and the movie adaptation, his involvement in securities fraud at Stratton OakmontĪmerican University, University of Maryland (attended but did not graduate) Author, motivational speaker, former stockbroker ![]()
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